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Sarbanes-Oxley News & Developments
Ex-Enron Chairman Tries to Quash Request by SECKenneth Lay says documents requested by the SEC are personal, not corporate.
> > Former Enron Corp. Chairman Kenneth Lay is asserting his constitutional right against self-incrimination in a court fight against a SEC request for documents it wants for its probe of the bankrupt energy trader. Lawyers for Lay said in an Oct. 21 federal court filing that they are concerned the items sought were personal rather than corporate and the SEC would not guarantee Lay immunity from prosecution over the documents. Lay has been ordered to appear on Nov. 7 before U.S.District Judge Royce Lamberth to answer the complaint of the SEC that he is withholding documents.
Lawyers for Lay said their client has produced more than 230,000 pages of documents, but was withholding 870 pages, asserting his Fifth Amendment right. The SEC last month said it is looking at whether Lay knew of, or was involved in, fraudulent activity at Enron.
Last month former Enron Treasurer Ben Glisan became the first executive sent to prison for his role in the downfall of Enron.
Source: CNN Money
Published:2003-10-24
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